This is my setup: MacPro 5,1 2.8 Ghz Quad-Core Intel Xeon, 12 GB 1066 mhz DDR3, Ati Radeon HD 5770 1024 MB, just upgraden OS to OSX 10.8.2. Files are on a external Western Digital Essential Drive, all events and projects on local HD.
I have also post this on the Apple FCPX forum and so fat the only is let it run. The spinning ball is now running for 9 hours and still nothing happened. Footage is just one track of 2 hours of HD green screen shots with a key applied to it. Nothing more, no compound clips.
The only thing i can do now is delete a weeks hard work and start all over with edits of 10 minutes max.
If FCPX cannot open large projects whats the use of the new Red raw support anyway, just making 2 minute edits i guess?
Zeno Groenewegen I Dutch producer & musicvideo director